2022 Q1 Form 10-Q Financial Statement
#000141057822001799 Filed on May 20, 2022
Income Statement
Concept | 2022 Q1 | 2021 Q4 | 2021 Q1 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | $7.000K | $190.0K | $39.00K |
YoY Change | -82.05% | ||
Gross Profit | $8.178M | $14.44M | $3.390M |
YoY Change | 141.24% | ||
Gross Profit Margin | |||
Selling, General & Admin | $8.856M | $21.26M | $3.732M |
YoY Change | 137.3% | ||
% of Gross Profit | 108.29% | 147.29% | 110.09% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $2.796M | $507.0K | $63.00K |
YoY Change | 4338.1% | ||
% of Gross Profit | 34.19% | 3.51% | 1.86% |
Operating Expenses | $1.825M | $1.282M | $209.9K |
YoY Change | 769.32% | ||
Operating Profit | -$1.825M | $13.15M | -$209.9K |
YoY Change | 769.32% | ||
Interest Expense | $717.9K | $3.792M | $4.852M |
YoY Change | -85.2% | ||
% of Operating Profit | 28.83% | ||
Other Income/Expense, Net | $717.9K | $0.00 | $4.852M |
YoY Change | -85.2% | ||
Pretax Income | -$1.107M | $2.510M | $4.642M |
YoY Change | -123.85% | ||
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | 0.0% | 0.0% | |
Net Earnings | -$1.107M | $2.510M | $4.642M |
YoY Change | -123.85% | ||
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$50.93K | $85.38K | $181.0K |
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q1 | 2021 Q4 | 2021 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $39.06K | $177.4K | $806.1K |
YoY Change | -95.15% | ||
Cash & Equivalents | $39.06K | $177.4K | $806.1K |
Short-Term Investments | |||
Other Short-Term Assets | $0.00 | $8.610K | $148.8K |
YoY Change | -100.0% | ||
Inventory | |||
Prepaid Expenses | $8.611K | ||
Receivables | $4.153M | ||
Other Receivables | $0.00 | ||
Total Short-Term Assets | $39.06K | $19.04M | $954.9K |
YoY Change | -95.91% | 1567.22% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $942.0K | $750.0K | |
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | $84.22M | ||
YoY Change | |||
Long-Term Investments | $121.4M | $0.00 | $230.0M |
YoY Change | -47.24% | ||
Other Assets | $0.00 | ||
YoY Change | |||
Total Long-Term Assets | $121.4M | $84.97M | $230.0M |
YoY Change | -47.24% | -63.06% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $39.06K | $19.04M | $954.9K |
Total Long-Term Assets | $121.4M | $84.97M | $230.0M |
Total Assets | $121.4M | $104.0M | $231.0M |
YoY Change | -47.44% | -55.01% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $5.139M | $4.609M | |
YoY Change | |||
Accrued Expenses | $5.716M | $3.985M | $1.179M |
YoY Change | 384.99% | 242.49% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $750.0K | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $6.466M | $54.06M | $1.179M |
YoY Change | 448.63% | 4524.78% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $13.73M | $14.44M | $16.57M |
YoY Change | -17.13% | ||
Total Long-Term Liabilities | $13.73M | $14.44M | $16.57M |
YoY Change | -17.13% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $6.466M | $54.06M | $1.179M |
Total Long-Term Liabilities | $13.73M | $14.44M | $16.57M |
Total Liabilities | $20.20M | $255.4M | $17.75M |
YoY Change | 13.8% | 1030.93% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$20.14M | -$18.23M | |
YoY Change | -14.96% | ||
Common Stock | |||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$20.13M | -$155.8M | -$16.79M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $121.4M | $104.0M | $231.0M |
YoY Change | -47.44% | -55.01% |
Cashflow Statement
Concept | 2022 Q1 | 2021 Q4 | 2021 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.107M | $2.510M | $4.642M |
YoY Change | -123.85% | ||
Depreciation, Depletion And Amortization | $2.796M | $507.0K | $63.00K |
YoY Change | 4338.1% | ||
Cash From Operating Activities | -$85.56K | -$175.7K | -$224.4K |
YoY Change | -61.87% | ||
INVESTING ACTIVITIES | |||
Capital Expenditures | -$2.133M | -$631.0K | -$27.00K |
YoY Change | 7800.0% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $108.7M | $0.00 | $13.37K |
YoY Change | 812667.54% | ||
Cash From Investing Activities | $108.7M | $0.00 | $13.37K |
YoY Change | 812789.12% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -108.7M | 0.000 | 0.000 |
YoY Change | |||
NET CHANGE | |||
Cash From Operating Activities | -85.56K | -175.7K | -224.4K |
Cash From Investing Activities | 108.7M | 0.000 | 13.37K |
Cash From Financing Activities | -108.7M | 0.000 | 0.000 |
Net Change In Cash | -138.3K | -175.7K | -211.0K |
YoY Change | -34.45% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$85.56K | -$175.7K | -$224.4K |
Capital Expenditures | -$2.133M | -$631.0K | -$27.00K |
Free Cash Flow | $2.047M | $455.3K | -$197.4K |
YoY Change | -1137.22% |
Facts In Submission
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these consolidated financial statements is the determination of the fair value of warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.</p> | |
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|
0 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2022Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2022Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p> | |
CY2022Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | |
CY2022Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Out of Period Adjustments</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company notes that approximately $96,800 of adjustments related to the year ended December 31, 2021 have been corrected and recorded within the three months ended March 31, 2022. The Company has not restated or revised its previous balances for the year ended December 31, 2021. The Company will continue to evaluate the impacts of the out of period adjustments within the fiscal year 2022 reported balances.</p> | |
CY2022Q1 | us-gaap |
Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
|
96800 | |
CY2022Q1 | lcapu |
Debt Instrument Held To Trust Account Par Value
DebtInstrumentHeldToTrustAccountParValue
|
0.0333 | |
CY2022Q1 | lcapu |
Payments For Extension Contribution Into Trust Account
PaymentsForExtensionContributionIntoTrustAccount
|
802772 | |
CY2020Q3 | lcapu |
Related Party Transaction General And Administrative Services Expense Per Month
RelatedPartyTransactionGeneralAndAdministrativeServicesExpensePerMonth
|
15000 | |
CY2022Q1 | lcapu |
Proceeds Held In Trust Account To Repay Working Capital Loans
ProceedsHeldInTrustAccountToRepayWorkingCapitalLoans
|
0 | |
CY2022Q1 | lcapu |
Related Party Transaction Price Per Unit Upon Consummation Of Business Combination
RelatedPartyTransactionPricePerUnitUponConsummationOfBusinessCombination
|
10.00 | |
CY2020Q3 | lcapu |
Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
|
3 | |
CY2020Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
CY2020Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2022Q1 | lcapu |
Convertible Stock Conversion Ratio
ConvertibleStockConversionRatio
|
1 | |
CY2022Q1 | lcapu |
Percentage Of Common Stock Outstanding For Conversion Basis
PercentageOfCommonStockOutstandingForConversionBasis
|
0.20 | |
CY2022Q2 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
3500000 |